Spl court orders auction of Sedil Development India’s property

Cuttack: The special chit-fund court in Cuttack today ordered the State government to auction Sedil Development India’s property after confiscation and distribute the sale proceeds among depositors equitably.

While hearing a petition moved by the Additional District Magistrate (ADM), the special court asked the government to confiscate 2.56 acres land of Sedil Development India in Dhenkanal and Hindol and bank deposit of Rs 8.6 lakh.

It is worth mentioning that the ADM is the only competent authority who can file a petition in the chit-fund court once the Finance department decides to confiscate the property of any company involved in chit-fund scam in Odisha.